Trade and Industry Minister Tareq Qabil said Tuesday the initial agreement with the International Monetary Fund (IMF) on a dlrs 12 bln-loan will lure foreign investments to Egypt.

Addressing the two-day Euromoney conference, Qabil said the agreement aims at bolstering the world's confidence in the Egyptian economy.

He said the three-year loan deal proves that the government's economic reform plan is on the right track.

He added that the loan would contribute to improving the trade balance, saving hard currency, buttressing exports and imports and settling the problem of unstable prices.

He added that the ministry is exerting strenuous efforts to improve the trade balance.